Taiba Holding announces the end of the memorandum of understanding signed between its two subsidiaries, Al Agate and Arak with Knowledge City Company

Further to the above, announced on Tadawul website on 01/12 / 1433H corresponding to 17/10/2012 about the establishment of Al-Aqeeq Real Estate Development Company (a subsidiary of Taiba and Taiba owns 89.9% of its capital) and the Arab Company for Tourist Areas (Arak) (A subsidiary of Taiba and owns 86.88% of its capital) signed a memorandum of understanding on 17/10/2012 corresponding to 17/10/2012 with the company Knowledge Economic City – a public joint stock company – for the purpose of establishing a limited liability company is one of the most important Its purpose is to develop, operate and manage a group of hotels and hotel apartments on the land designated for this purpose in the master plan of Knowledge City in the city The Memorandum of Understanding was renewed for six months, renewed with the consent of the parties in writing or terminated automatically in the case of non-renewal or signing of the partnership contract. In view of the non-renewal of the memorandum or the signing of the partnership contract, the Memorandum of Understanding was terminated on Wednesday 07/04/1434 H corresponding to 17/04 / 2013 without resulting in any acts or obligations on the company of Al-Aqeeq and Arak.